NEWS: Schiff Joins Bennet and Colleagues on Legislation to Block Taxpayer Reimbursements for Corporate Oil Investments in Venezuela

Washington, D.C. - Today, U.S. Senator Adam Schiff (D-Calif.) joined Senator Michael Bennet (D-Colo.), in introducing the No Taxpayer Funds for Corporate Investment in Venezuelan Oil Act, legislation that would prohibit the Trump administration from providing taxpayer reimbursements for oil companies investing in Venezuela's oil and gas sector.

In addition to Schiff, Senators Jack Reed (D-R.I.), Tim Kaine (D-Va.), Chris Van Hollen (D-Md.), John Hickenlooper (D-Colo.), and Peter Welch (D-Vt.) also co-sponsored the legislation.

"This president campaigned on America First. And while we have these crises over health care, rising costs of groceries, rising costs of housing, the American people on both sides of the aisle want the President focused on what he promised to do: address the cost of living - not engage in more endless warfare over oil," said Senator Schiff.

"President Trump seized Venezuelan dictator Nicolás Maduro without Congressional authority or even notification, and the next day, touted the investment opportunities created by this incursion. Now, he says the U.S. government should reimburse oil giants' costs to rebuild Venezuela's oil industry, which could reach at least $100 billion," said Senator Bennet. "This would be an outrageous misuse of taxpayer dollars, especially given the lack of oil industry interest in investing in Venezuela. The American people did not vote to subsidize this reckless misadventure."

"Americans should not be on the hook to rebuild Venezuela's oil industry or further subsidize investments by Big Oil companies," said Senator Reed. "President Trump needs to come clean about his plans for Venezuela and tell the American people why he is sending oil revenue to offshore bank accounts in Qatar."

"President Trump was too cheap to pay for critical tax credits that millions of Americans rely on to afford their health care, but he's open to spending billions of taxpayer dollars to rebuild Venezuela. How is that 'America First'?," said Senator Kaine. "I urge my colleagues to join us in supporting this legislation to prevent the waste of Americans' money on private investments in Venezuela's oil industry, and in calling on the President to focus on the real issues-the cost of health care, housing, food, and more."

"The American people did not ask for our troops to be put in harm's way in Venezuela to seize foreign oil - and they certainly don't support a new taxpayer giveaway to help multibillion dollar oil companies get their hands on it to boost their own profits," said Senator Van Hollen. "We must pass this bill to stop Trump from giving away Americans' tax dollars for corporate handouts in Venezuela."

"President Trump is focused on enriching oil companies while Americans struggle to afford groceries, housing, and health care," said Senator Hickenlooper. "We refuse to allow taxpayers to foot the bill for U.S. oil companies' start-up costs."

"President Trump's unconstitutional actions in the Caribbean have apparently always been about one thing: seizing control of Venezuela's oil. There's absolutely nothing in it for hardworking Americans," said Senator Welch. "Congress holds the power of the purse-this President cannot be allowed to waste taxpayer dollars on a handout to the oil industry."

Specifically, the legislation would:

• Block reimbursements for capital expenditures, including leasing rights, infrastructure improvements, land purchases, building construction;
• Cover companies and subsidiaries based in the U.S., as well as international parent firms incorporated abroad;
• Prohibit reimbursements directly from both the Treasury and potential offshore accounts accessible or controlled by U.S. government officials.

Full text of the legislation is available here.

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